Smart retail should experience gains as brick-and-mortar stores compete with e-commerce, according to a report from QYResearch.
In 2019, the global Smart Retail market size was $12.41 billion, and that it is likely to reach $30.73 billion by the end of 2026, at a CAGR of 13.7% in the 2021 to 2026 timeframe, the company said.
Many retailers today use smart technology such as advanced shelves and smart cards to deliver services and gather information in real stores through the cloud, mobile apps and virtual reality apps. Conventional brick-and-mortar stores face intense competition from the growing e-commerce market in today’s retail industry, the report noted, and could benefit from implementing smart retail technologies to boost the experience of digital and traditional shopping in physical stores.
The growth of Internet and technology support the growth by reducing the cost of electronic products as does growing mobile penetration which can interface with services in store. Retailer adoption of smart retail technologies can help companies better understand their clients, optimize business processes, increase productivity and provide a competitive advantage over their rivals in both physical and e-commerce retail, the report suggested.